Required information The following formation applies to the questions displayed below! During the current year ending on December 31, BSP Company completed the following transactions acaruary 1, purchased a patent for $41,000 cash (estimated useful life, ten years) On January purchased the assets (not detsted) of another business for $160,000 cash, including $10,000 for goodwill The company assumed no liabilities Goodwil has an indefinitelfe con December 31, constructed a storage shed on and leased from D. Heald. The cost was 530.600. The company uses straight-line depreciation. The case will expire in seven years. (Amounts spent to enhance leased property are capitalized as Intangible assets called Leasehold improvements) d. Total expenditures for ordinary repairs and maintenance were $5.000 during the current yeon e. On Deceniber of the current year old Machine A for $2500 cash Original cost was $17000, accumulated depreciation to December 3t of the prior year was 510160 (on a straight line basis with a $4,300 residual value and live year useful f). Record the depreciation expense in transaction eft) and the sale in transaction et2) On December 21 of the current year old $6.200 for a complete reconditioning of Machine Bacquired on January 10 the prior your Original cost. 548.600; accumulated depreciation to December at of the prior year was $2.000 (on a straight line basis with a 57600 residual value and 17 year folie) Required: 1. For each of these transactions, indicate the accounts, amounts, and effects for increase and for decrease on the accounting equation Date Astes Liable Stockholders Equity an 7. Liabilities Stockholders' Equity Isan i Doc 31 dunia Ya (1) Dec 31 Teczy Doc 31 (Doc 31 Required information The following formation applies to the questions displayed below! During the current year ending on December 31, BSP Company completed the following transactions acaruary 1, purchased a patent for $41,000 cash (estimated useful life, ten years) On January purchased the assets (not detsted) of another business for $160,000 cash, including $10,000 for goodwill The company assumed no liabilities Goodwil has an indefinitelfe con December 31, constructed a storage shed on and leased from D. Heald. The cost was 530.600. The company uses straight-line depreciation. The case will expire in seven years. (Amounts spent to enhance leased property are capitalized as Intangible assets called Leasehold improvements) d. Total expenditures for ordinary repairs and maintenance were $5.000 during the current yeon e. On Deceniber of the current year old Machine A for $2500 cash Original cost was $17000, accumulated depreciation to December 3t of the prior year was 510160 (on a straight line basis with a $4,300 residual value and live year useful f). Record the depreciation expense in transaction eft) and the sale in transaction et2) On December 21 of the current year old $6.200 for a complete reconditioning of Machine Bacquired on January 10 the prior your Original cost. 548.600; accumulated depreciation to December at of the prior year was $2.000 (on a straight line basis with a 57600 residual value and 17 year folie) Required: 1. For each of these transactions, indicate the accounts, amounts, and effects for increase and for decrease on the accounting equation Date Astes Liable Stockholders Equity an 7. Liabilities Stockholders' Equity Isan i Doc 31 dunia Ya (1) Dec 31 Teczy Doc 31 (Doc 31
